PROSPECTS AND OPPORTUNITIES
Despite growth, challenges expected for health and beauty specialists
In the forecast period, health and beauty specialists is expected to maintain growth in current value terms in South Korea, although the channel is expected to face increasing challenges. Other retail channels are increasingly moving into the health and beauty space, with various companies expanding their offerings to take advantage of the growing market for such products.
Chicor and LOHB’s Plus revamp to attract customers
Both Chicor and LOHB’s Plus are undergoing major revamps to regain sales and attract back customers, after facing struggles in the competitive health and beauty specialists channel. Chicor, initially launched as a premium beauty store by Shinsegae in 2016, faced challenges due to COVID-19 and shrinking offline visits.
The decline of road shops in South Korea
The road shops (shops dedicated to a single beauty brand) market in South Korea is undergoing a significant shift, characterised by a notable decline in both sales and franchisee numbers over the past five years. Changing consumer preferences, favouring high-priced beauty products in department stores, and mid- to low-priced products online or at multi-brand health and beauty stores such as Olive Young, are expected to deepen the challenges faced by road shops.
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Overview:
Understand the latest market trends and future growth opportunities for the Health and Beauty Specialists industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Health and Beauty Specialists industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Health and Beauty Specialists in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Health and Beauty Specialists in South Korea?
- Which are the leading retailers in Health and Beauty Specialists in South Korea?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Health and Beauty Specialists in South Korea - Category analysis
KEY DATA FINDINGS
Growth for health and beauty specialists due to increased tourist traffic in 2024
Olive Young continues to leads health and beauty specialists in Korea
Sephora’s exit from the South Korean market in 2024
Despite growth, challenges expected for health and beauty specialists
Chicor and LOHB’s Plus revamp to attract customers
The decline of road shops in South Korea
Retail in South Korea - Industry Overview
Retail in 2024: The big picture
Competition for fast delivery in South Korea
Convenience stores are evolving into lifestyle platforms
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Summer Sale
Black Friday/Korea Sale Festa
DISCLAIMER
The following categories and subcategories are included:
Health and Beauty Specialists
- Beauty Specialists
- Pharmacies
- Optical Goods Stores
- Health and Personal Care Stores
Health and Beauty Specialists
The aggregation of beauty specialists, pharmacies, optical goods stores, and health and personal care stores.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Health and Beauty Specialists research and analysis database.
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